7652006.2-2501Virginia Decodedhttps://vacode.org2016Financial Institutions And ServicesOther Financial ActivitiesRefund Anticipation LoansAdvertising; posting refund anticipation loan fee schedules; and disclosures2006, c. 399, §§ 6.1-475, 6.1-476; 2010, c. 794.http://law.lis.virginia.gov/vacode/6.2-2501//6.2-2501/6.2/IV/25/6.2-2501

section

A

AA1

section

B

BB1

The refund anticipation loan fee schedule required by subsection B shall be made in not less than 28-point type on a document measuring not less than 16 inches by 20 inches. The postings required in this section shall be displayed in a prominent location at each office where any facilitator is offering to facilitate or is facilitating a refund anticipation loan.section

C

CC1

Prior to an applicant completing a refund anticipation loan application, a facilitator that offers to facilitate a refund anticipation loan shall provide to the applicant a disclosure clearly setting forth the following:section

D

DD1

The refund anticipation loan fee schedule;section

D

1

D1D12

section

D

2

D2D22

That a customer can file an income tax return electronically without applying for a refund anticipation loan;section

D

3

D3D32

section

D

4

D4D42

section

D

4

a

D4aD4a3

section

D

4

b

D4bD4b3

section

D

5

D5D52

That the borrower is responsible for the repayment of the refund anticipation loan and the related fees in the event that the tax refund is not paid or not paid in full;section

D

6

D6D62

The estimated time within which the loan proceeds will be disbursed to the borrower if the loan is approved; andsection

D

7

D7D72

section

D

8

D8D82

Prior to consummating a refund anticipation loan transaction, a facilitator shall provide to the applicant, in either written or electronic form, the following:section

E

EE1

The estimated total fees for obtaining the refund anticipation loan;section

E

1

E1E12

section

E

2

E2E22

The various costs, fees, and finance charges, if applicable, associated with receiving a refund by mail or by direct deposit directly from the Internal Revenue Service, a refund anticipation loan, a refund anticipation check, or any other refund settlement options facilitated by the facilitator.section

E

3

E3E32

When an application involves more than one applicant, a disclosure pursuant to this section need only be given to one of the applicants applying for the refund anticipation loan.section

F

FF1